Updated Surplus Numbers

Updated Surplus Numbers
Updated Surplus Numbers: Actual surplus 2018 per audit was $85,163.
Boards 2011-2018 implemented policies and procedures with specific goals:
stabilize owner fees, achieve maintenance objectives and achieve annual budget surpluses.
Any surplus was retained by the association.
The board elected in fall 2018 decided to increase owner fees, even in view of a large potential surplus

Average fees prior to 2019

Average fees prior to 2019
Average fees per owner prior to 2019:
RED indicates the consequences had boards continued the fee policies prior to 2010,
BLUE indicates actual fees. These moderated when better policies and financial controls were put in place by boards

Better budgeting could have resulted in lower fees

Better budgeting could have resulted in lower fees
Better budgeting could have resulted in lower fees:
RED line = actual fees enacted by boards,
BLUE line = alternate, fees, ultimately lower with same association income lower had
boards used better financial controls and focused on long term fee stability

Tuesday, August 21, 2018

My final year on the board, Part II


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I've been extraordinarily busy for the last few months. At this association we began projects early this year and accellerated two of them. They could have been delayed, and that's the "kick the can down the road" approach that previous boards preferred.

I'd like to point out that I run a viable business, am the president of a condo board and yes, I do have a life to lead. So I like to kayak, etc. in my "free time". Life is short is my motto. So it is so very important to treat each day as the wonderful gift it is.

I'd also like to point out that I live "somewhere else" for 75% of the year. Yet with all of the above I've found a way to get the job done. Which is why I have little patience for those who join a board with the expectation of reading the packet, attending the monthly meeting, vote and do little else. Our owners benefit from having a "working board."

Our longest serving board member once commented to me that "We shouldn't cater to the lowest common denominator". But that is precisely what our condominium association does. If anyone has sufficient credit to purchase, they are approved. If anyone can get to a HOA meeting, they are a suitable board candidate.

My time on this HOA board is ending. Glad I could donate thousands of hours to the association. I had an agenda; I wanted to demonstrate what was possible if a very few, capable board members showed up.

I've accomplished my goal. What's next? Ask my crystal ball; I'll be bringing it to the annual association meeting on September 27. I will have some additional information for owners:




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